In response to tuesday's online blackout in protest of the proposed SOPA and PIPA bills floating around congress, Senate leader Harry Reid has opted to postpone the vote on the bill, believing there's a way to first find compromise between all parties.

There is no reason that the legitimate issues raised by many about this bill cannot be resolved. Counterfeiting and piracy cost the American economy billions of dollars and thousands of jobs each year, with the movie industry alone supporting over 2.2 million jobs. We must take action to stop these illegal practices. We live in a country where people rightfully expect to be fairly compensated for a day's work, whether that person is a miner in the high desert of Nevada, an independent band in New York City, or a union worker on the back lots of a California movie studio.

UPDATE: The RIAA has issed an official statement on the Senate decision. Unsurprisingly, they're not happy.

"There is a near universal consensus that cracking down on foreign rogue websites is an important priority for the U.S. government. The Senate had an opportunity to have a national conversation about an important and urgent issue: protecting American workers and consumers from foreign criminals. It is a shame that the Senate will not have that debate next week.

"This issue is too important, too vital to our economy, to let misleading demagoguery have a veto over meaningful reforms. Everyone, every intermediary in the Internet ecosystem, has a role to play and a responsibility to help. We have been told repeatedly that the tech community agrees that something needs to be done. We take them at their word, and continue to hope that we can sit down with responsible leaders from that community to devise a solution that will address counterfeiting and theft and, yes, bring the rule of law to the Internet."